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Cryptocurrency analyst VisionPulsed said in a video released on November 10 that Dogecoin's technical momentum has been "ignited again" and if this momentum can be sustained, the price is expected to break through the $1 mark again. In the video, he focused on analyzing the structure and momentum trend of Dogecoin. While he repeatedly emphasized the uncertainty of cycle timing, he also noted that Dogecoin has “reentered the ascending channel,” adding that while the macro trend appears to be over, the uptrend established over the summer “technically remains valid,” especially on weekly-level charts. Is there any hope for Dogecoin to reach $1? VisionPulsed likens the current market situation to an “either-or” game: “If momentum is confirmed, Dogecoin will start a new bull run； But if the key support level is broken, the price may fall back to $0.06 and enter a bear market. ”  He also reminded investors not to be blindly optimistic: “I will not tell you here that Dogecoin can rise to $5, we will wait and see. ”  In his view, "momentum" - what he calls "firepower" - is the core of judging trends. Through the analysis of multi-period data, he believes that the RSI indicators of multiple time periods are releasing positive signals: "We have enough firepower on the weekly chart ； The same is true on the daily chart. If you look at the 2-day line, 3-day line, and 4-day line, momentum is accumulating. ” However, he also pointed out that the short-term moving average still needs time to adjust: "The 5-day moving average still needs to be corrected, and the 6-day moving average is also adjusting, but the RSI indicator of the 10-day moving average has given room for growth. ” As for the 8-day moving average, he believes that the momentum is "contracting and consolidating", and this form has often been a precursor to rising prices in the past. Although the overall view of analysts is optimistic, he also reminded to pay attention to medium and long-term risks. He described the last two weeks as "extremely pessimistic" but added: "There are no rules that say we have to keep going down. ”He emphasized that if support levels hold and momentum continues to build, technically speaking, “the bull market will restart.” ； But if the support level is broken, it will confirm the "arrival of a bear market." Regarding the structural trend of Dogecoin, VisionPulsed said that the currency has "resumed an upward trend." He distinguished between a broken macro structure and a summer uptrend line that remains intact on larger time frames. He believes that as long as momentum continues to strengthen, Dogecoin "is likely to hit the top of the upper channel." This is consistent with a pattern he has mentioned many times before: “Every time support is held, Dogecoin tends to explode. ”However, he remains cautious: “No one knows exactly where the top is, and technically we can’t even predict when Dogecoin will reach the top. ” He remains neutral on the overall cycle judgment. He mentioned that he thought the cycle had peaked at the beginning of the year, but now if the price of Dogecoin reaches a new high, then the theory of calculating the top based on "150 days from the bottom" will be invalid: "If it breaks through a new high, the question becomes - where is the top? No one can be sure. ”It's this uncertainty that makes it possible for markets to unexpectedly rise when momentum builds. Finally, the operation suggestions given by VisionPulsed are also very straightforward: Pay close attention to whether the RSI indicator continues to strengthen on the daily line and the 10-day cycle, and be alert to the reversal risk caused by the failure of the kinetic signal. As he concluded: “As long as prices can remain above the moving averages, the bull trend is expected to continue. We hope that this bull market can continue, but if the support fails, it means that Dogecoin will embark on the path of the pig market. ” At press time, the price of Dogecoin (DOGE) was $0.1815.  The Bitcoin bull market has entered the second half, and the community has opened limited-time benefits and distributed selected potential coins for free. Scan the QR code or search WeChat ID: BNB7768 to add an assistant and join the group layout immediately.  |
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